US to Ease Tariffs on India as Trade Deal Nears Completion: Trump
US President Donald Trump announced that Washington is “pretty close” to finalizing a “fair trade deal” with India, indicating that the United States will soon reduce the steep tariffs imposed on Indian goods. India currently faces some of the highest tariffs globally—around 50 percent—primarily due to an additional 25 percent “penalty” for its earlier purchases of Russian oil. Trump, addressing reporters at a White House press briefing, explained that the high tariff rates were largely a result of India’s energy trade with Russia. “Right now, the tariffs are very high on India because of the Russian oil, and they have stopped doing the Russian oil. It’s being reduced very substantially. Yeah, we will bring the tariffs down at some point,” he said. In New Delhi , government officials confirmed that they see no need for further negotiations on the trade deal, as the two sides have been working on the legal text since October. “Talks are progressing well between the two sides,” sa...